The Norwich, CT market saw a drop in new home closings year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 2 in March 2015 to 1 in March 2016.
New home closings were 1 out of the 202 total closings, a move on a percentage basis from 3 of 284 a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $259,900, down from last year's $293,300. This was on the heels of a 73.5% decline in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $288,203 to $262,883. Average mortgage size on new homes went from $514,000 in March 2015 to $125,000 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.9% of closings, below 28.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.5% in April from 5.0% a year earlier while REO closings as a percentage of existing home closings fell to 15.4% from 23.1% a year earlier.